Restaurant Disposition Bonus Clause Samples

Restaurant Disposition Bonus. Except in the circumstances contemplated by subsection (c), in the event that the Company consummates a Restaurant Disposition the Company shall pay to the Executive, as a lump sum transaction bonus, an amount equal to the sum of: (i) $562,500; plus (ii) an amount determined by the Company to be equal to the aggregate of any and all federal, state and local income tax and excise tax liabilities of the Executive resulting from the payments due pursuant to clauses (i) and (ii) hereof; provided, however, that, if the Company determines that the total of all payments to or for the benefit of the Executive under this Agreement after reduction for any and all federal, state and local income tax and excise tax liabilities of the Executive resulting therefrom (the "After-Tax Payments") would be increased by the limitation or elimination of any payment under this subsection (a), then amounts payable under this subsection (a) shall be reduced to the extent, and only to the extent, determined necessary by the Company to maximize the After-Tax Payments; and provided further that the Company shall withhold from all payments to be made to the Executive pursuant to this Agreement all taxes that, by applicable federal, state or local law, the Company determines that it is required to withhold. The payment required to be made to the Executive pursuant to the foregoing provisions of this subsection (a) shall be made by bank check or other good funds at the closing of the Restaurant Disposition.